This means opportunities for people and businesses in the real estate industry. But given the cutthroat competition in the sector, businesses that want to take advantage of the trends must know how to find these potential customers. They must be adept at targeting the right people and converting them into buyers.
Doing this is not merely about businesses having an online presence. It is more about refining their strategy to ensure that they are actually talking to people who can buy from them when they interact with online customers. That’s because when selling online, many businesses spend too much time and resources engaging with leads that are not ready to buy.
To avoid this problem, landlords and property managers must have a lead qualification process with the proper criteria. Lead qualification is how a business filters prospects based on their willingness and readiness to buy. It is an information-gathering mechanism that ensures precious resources are not wasted on leads that are not ready to convert.
Here is a list of the best criteria to use for property owners and managers trying to figure out the best way to catch unqualified leads early in their sales funnel.
Lead Qualification Criteria for Landlords and Property Managers
Criteria #1: Location
Criteria #2: Budget
The next information to get from a lead is the price point they have in mind. Getting an idea of how much they want to spend on the home will tell you if there is even a chance of finding a home that suits their budget. When asking for the lead’s budget, find out how flexible the budget is and their readiness level – do they have money for the down payment, and how good is their credit?
Criteria #3: Mortgage
Criteria #4: Agent
Lots of buyers will work with two agents at the same time. This means they are actually wasting one of those agent’s time. Asking if a buyer has an agent prevents you from dedicating too much time to someone who uses you as a backup. When trying to find out if a lead has an agent, ask them how they have been searching for their home. Do not ask if they have an agent directly, or they may lie.
Criteria #5: Preference
Criteria #6: Timeline
Finding out how soon a lead wants to be in their home offers an idea of how ready they are to buy. It provides an idea of where the lead is in the sales cycle. Questions that may help determine this include are they waiting to sell their property before buying? Can they move forward on the purchase if they find their ideal home tomorrow? Or do they need some time but would be willing to receive weekly or monthly updates on new listings?
Criteria #7: Appointment
Use these criteria to use to qualify leads for your real estate business, and you’ll have the leads you need and want for your real estate investment business. Don’t have the time to screen real estate leads and tenants to this extent? Contact us today at Real Property Management First Choice, and we’ll take care of the entire process for you.